Washington Trust Bancorp (NASDAQ:WASH) Releases Earnings Results, Misses Estimates By $0.07 EPS

Washington Trust Bancorp (NASDAQ:WASH) issued its quarterly earnings data on Tuesday. The financial services provider reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.07), MarketWatch Earnings reports. Washington Trust Bancorp had a return on equity of 14.79% and a net margin of 29.37%.

Shares of NASDAQ:WASH traded down $3.17 during midday trading on Thursday, hitting $47.90. 1,262 shares of the company’s stock traded hands, compared to its average volume of 86,765. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $829.15 million, a P/E ratio of 11.32 and a beta of 0.75. The firm has a fifty day moving average price of $52.76. Washington Trust Bancorp has a twelve month low of $30.01 and a twelve month high of $56.20.

The business also recently declared a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Thursday, July 1st were issued a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.34%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 52.00%.

Several research firms have commented on WASH. Zacks Investment Research cut shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, June 23rd. Piper Sandler raised shares of Washington Trust Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 target price for the company in a research note on Thursday, July 8th.

In related news, Director Edwin J. Santos sold 1,120 shares of Washington Trust Bancorp stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $51.88, for a total transaction of $58,105.60. Following the sale, the director now owns 4,970 shares of the company’s stock, valued at approximately $257,843.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph J. Marcaurele sold 5,000 shares of Washington Trust Bancorp stock in a transaction on Wednesday, June 9th. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the sale, the director now directly owns 60,794 shares in the company, valued at approximately $3,343,670. The disclosure for this sale can be found here. Insiders have sold a total of 7,320 shares of company stock worth $395,746 in the last 90 days. Company insiders own 2.18% of the company’s stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans consists of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.

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Earnings History for Washington Trust Bancorp (NASDAQ:WASH)

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